Certified Public Accountant (CPA)

In the US all states follow separate procedures for grant of licence,nevertheless, all CAs must clear the same examination- the Uniform CPA examination conducted by the American Institute of Certified Public Accountants(AICPA)

CPA course is an American accredition for Accountants. A uniform Certified Professional Accountants program has been commissioned for testing professional skills required for accredition to the AICPA, New York. The new format used from 2004 is a computer based test.



The AICPA Board of Examiners follow the following test module.



The test has 4 sections (total time 14 hours)

-- Auditing and Attestation (4½ hours)

The Auditing and Attestation section will cover knowledge of auditing procedures, auditing standards generally accepted in the US and other standards related to attest engagements and the skills needed to apply that knowledge in auditing and other attestation engagements. This section tests such knowledge and skills in context of five broad engagement tasks.



-- Financial Accounting and Reporting (FAR)

The FAR section (4 hours) tests knowledge of accounting principles generally accepted in the United States of America (GAAP) for business enterprises, not for –profit organisation, and governmental entities, and skills needed to apply that knowledge. Content covered in this section will include financial accounting concepts and standards, and their application.



-- Regulation

The Regulation section (3 hours) tests knowledge of federal taxation, ethics, professional legal responsibilities and business law and the skills needed to apply that knowledge.

---- Ethical, Professional and Legal Responsibilities and Business Law

---- Federal Taxation

---- Regulation Content Specification Outline

---- Business Environment Concepts (BEC)



The BEC section (2 ½ hours) tests knowledge of general business environment and business concepts that are needed to know in order to understand the implications of transactions. The skills that are required to apply that knowledge in performing financial statements audit and attesation engagements and other actions normally performed by CPAs are tested. Content covered in this section will include knowledge of business structure; economic concepts essential to obtain an understanding of specific operations of business and industry ; financial management ; information technology and planning and measurement.



The test is held 4 times a year (every 3 months) 2 months for exam taking and one month for exam research, reporting etc. All sections have to be cleared within an 18 months period. Each section of the exam has to be taken individually. The question in the new format will he simulations (20-40 minutes in length) and will include reference, spreadsheet, database, word processing software to test research skills.



The exam can only be taken in the US.

Address for Contact - AICPA, 12011, Avenue of the Americas, New York
NY-10036. www.cpa-exam.org



Chartered Institute of Management Accountants (UK)

For registration contact Chartered Institute of Management Accountants (CIMA), 63 Portland Place, London WIN4AB.